AWARD: Børsen gazelle 2020

GroundPlug^® International owner Carsten Aagerup has faced a lot of opposition since he started his company 16 years ago. At first, he got to hear a lot of “No, thank you.” when he developed the first steel foundations for signs. “Everyone thought it was totally smart, but no one dared to replace the familiar concrete foundations, so I didn’t sell a single foundation in the first year,” Carsten Aagerup says. Later, he was also refused to participate in the first public tenders for noise barriers; there was a lack of experience, references and liquidity, and the bank refused to finance the production of a huge order of letterbox foundations.

But Carsten Aagerup is not a man to take no for an answer and just give up – so soon, sign after sign came to stand on patented GroundPlug^® steel foundations. The letterbox foundations were produced and over 100,000 were sold, and in 2014 GroundPlug^® International won its first contract to build a noise barrier for the Danish Road Directorate. When the order situation became more stable and banks offered financing, Carsten Aagerup declined. He preferred to be independent.

Like a toothpick in a pie

“It’s difficult to borrow money if you don’t have it yourself. There is a shortage of investors willing to take risks and provide capital to small, growing companies without hindering development,” says Carsten Aagerup, who built his company without the help of external investors. “And it’s also a challenge to be an innovative company in an industry where things have always been done the same way for a long time. I once had a meeting with a consulting engineer from a large engineering firm to whom I presented one of our innovative steel foundations. Although our solution was well documented and nearly ten times more effective during installation than a traditional concrete foundation, his skepticism could not be hidden. After we finished our presentation, the engineer said something like, “That’s like putting a toothpick in a pie – it will never hold.” Today, almost all noise barriers in Denmark are built on steel foundations,” laughs Carsten Aagerup, adding, “And of course they hold, we did a good job.”

Organic growth and control of financing

GroundPlug^® International is a turn key contractor specializing in steel foundations and steel structures. “Steel foundations are the future. They are both more sustainable, more flexible and much more efficient to install,” Carsten Aagerup continues. The company’s focus is on infrastructure solutions and solutions for the public sector. Here, Carsten Aagerup has created a solid expertise in the company over the years. “It is important for us to be focused as a team when delivering large projects to Danish Railways or the Danish Road Directorate – it is not an option not to deliver on time and in the best quality. However, to achieve continuous growth in the company, it is very important that we also prioritize development work. This is the key to continuous success. “

Carsten Aagerup has also started another company under the auspices of GroundPlug^® International: GroundPlug^® Easy Mounting System^TM, which produces efficient screw foundations for smaller, private construction projects. This company now stands on its own two feet and is growing both in Denmark and abroad.

Explosive growth of almost 400%

GroundPlug^® already showed good growth results in 2018, with sales of around US$ 3.1 million. The company had gained a foothold in public tenders, and contractors had taken a look at GroundPlug^® International’s innovative foundation solutions. With innovative thinking and new solution methods, GroundPlug^® International was able to submit bid after bid to the Danish Road Administration, pushing the competition off the track. This led to an explosion of 400% growth in 2019, with GroundPlug^® winning 4 and 6 tenders and generating revenue of around US$ 11 million.

Elite supplier for the public sector and Børsen Gazelle 2020.

The great results of the last few years have not gone unnoticed. GroundPlug^® International has been recognized as a “Top 1% Elite Public Sector Supplier” and most recently with Denmark’s most prestigious business award, the Børsen Gazelle 2020. “I am very proud of the results we have achieved in recent years. The construction industry is tough and we have worked hard to get to this point. We have great employees and I am deeply grateful for the success we have achieved together. That GroundPlug^® International will be Børsen Gazelle this year is without a doubt due to the perseverance and hard work of a loyal core of employees.” says a proud Carsten Aagerup.